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Marine JV Between CGGVeritas and JSC Geotech Holding

Source: www.gulfoilandgas.com 2/25/2011, Location: Asia

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CGGVeritas and JSC Geotech Holding (Geotech) are pleased to announce, that they have signed a term sheet to create a joint venture to operate 2D and 3D marine seismic vessels, primarily in Russian and CIS waters.

The joint venture will provide marine seismic data acquisition and processing services for the oil and gas clients operating locally in Russia and CIS. CGGVeritas will make available one 2D ice class vessel and one 3D ice class vessel, to the joint venture.

Jean-Georges Malcor CEO of CGGVeritas, said: "At a time when Russian and CIS Arctic exploration and production is becoming more and more important, we are very pleased to sign this joint venture agreement with Geotech. Entry to this very important Russian and CIS offshore market is a significant step forward for CGGVeritas. Our Joint Venture with Geotech, the leading seismic company in Russia and the CIS, creates a solid foundation for future growth in the region".

Nikolai Levitsky, President of JSC Geotech holding said: "The Joint Venture with CGGVeritas enables Geotech to significantly strengthen its leadership positions in the Russian market and move to a new level of development thanks to using the leading global offshore seismic technologies".

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